Clause 98 - “Transfer” and “revocable transfer” defined. - Income Tax Bill, 2025

Transfer and revocable transfer defined. 98. For the purposes of sections 96 and 97, and this section, (a) transfer includes any settlement, trust, covenant, agreement or arrangement; (b) a transfer shall be considered to be revocable, if (i) it contains any provision for the direct or indirect re-transfer of the whole or any part of the income or assets to the transferor; or (ii) it, in any way, gives the transferor a right to re-assume power directly or indirectly over the whole or any part of the income or assets.